PANews reported on June 4th that, according to CriptoNoticias, Spanish citizen David Merino was arrested in Dubai on suspicion of leading the cryptocurrency Ponzi scheme FX Winning. This scheme is the largest cryptocurrency-related Ponzi scheme in Spanish history, involving over €460 million and affecting approximately 15,000 investors. Merino operated the scheme behind the scenes after officially leaving the company in 2021, attracting funds by promising high returns on forex and cryptocurrency investments. Its operating model involved using funds from new investors to pay earlier investors, and the scheme operated in approximately 30 countries.

Spain typically has 15 to 40 days to submit extradition documents to the UAE. Furthermore, FX Winning is also under investigation in the US and Mexico, with the US Drug Enforcement Administration (DEA) believing the scam involves $100 billion. Merino released a video in March 2026 denying handling other people's funds and pointing the finger at other members of his team. The Spanish National Securities Market Commission has warned FX Winning since 2021 that it was not authorized to provide investment services.